Flirting with Models
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Liquidity Premium with Adam Butler (S2E1)
In this episode, I sit down with good friend Adam Butler, Chief Investment Officer of ReSolve Asset Management. Rather than take the usual interview style, we thought it would be fun to just sit down at a bar without an agenda and just record the stuff we would have been talking about anyway. With drinks in hand, we dive into a conversation that covers topics ranging from machine learning to analytical derivations of the correlation between trend following signals to the role of defensive...
John Alberg - The Man in the Machine (Learning) (S1E7)
"How do you come to a rational conclusion as to what a company is worth?" A seemingly simple question with little-to-no clear answer. For John Alberg, a background in computer science and a passion for machine learning led him to view the problem through the lens of data. "If it is true that you can use publicly available information to buy companies for less than their economic worth," he thought, "then you should be able to see it in the data." And thus was born Euclidean, an investment...
Jack Vogel - Momentum in Theory, Momentum in Practice (S1E6)
Today I am speaking with Jack Vogel, co-CIO of boutique ETF issuer Alpha Architect. I’ve known Jack for some time now and was particularly excited to bring him on the show for two reasons. The first, which you will quickly learn in the episode, is his near encyclopedic knowledge of investing literature. I’ve met few investors who have both the breadth and depth of recall that he does for both academic and practitioner studies. The second was because he helps manage a momentum...
JD Gardner - "Win Bigger Than You Lose" (S1E5)
In this episode, I am joined by JD Gardner, founder and managing member at Aptus Capital. In his time in the industry, JD has served in the role of associate financial advisor, analyst to a deep-value equity fund, and analyst at short-term, systematic, managed-futures fund. These varying experiences have mixed to culminate into JD's ultimate philosophy: it's all about the investor's return, not the investment return. I like to say, "No pain, no premium" as pithy shorthand for the notion...
Meb Faber - "Just Survive" (S1E4)
My guest, this episode, likely needs little introduction. His paper, a Quantitative Approach to Tactical Asset Allocation is the highest ranked paper on SSRN with over 200,000 downloads at the point of recording. But Meb Faber’s interests go far beyond tactical asset allocation. His work over the last decade-plus – from his blog to his podcast to the books he has authored – spans broad topics such as shareholder yield, global value, hard asset alternatives, risk parity, and angel investing...
Eric Ervin - Risk Reducers & Return Enhancers (S1E3)
In many ways, the topic of conversation for this episode revolves around what ultimately amounts to a fairly vanilla, almost-index like portfolio. The asset class in question, however, may verge on the exotic for listeners with less fluency in the field of derivatives. My guest is Eric Ervin, President and CEO of Reality Shares, and he has joined me to discuss their flagship ETF DIVY. I would argue that DIVY is one of the few exposures that fits the definition of both being liquid and...
Tobias Carlisle - Thinking Like an Acquirer (S1E2)
This episode I chat with Toby Carlisle, a managing member at Carbon Beach Asset Management and author of popular value investing books such as Deep Value and The Acquirer’s Multiple. Toby’s approach to value investing evolved from his observations as a corporate lawyer in Australia during the burst of the dot-com bubble. Watching investors target cash-rich, business poor dot-com companies confused his traditional, discounted-cash flow mentality. But after watching these activists get their...
Adam Butler - The "Ultimate Gift" (S1E1)
My guest in this episode is Adam Butler, Chief Investment Officer at ReSolve Asset Management. Adam's story is the near quintessential example of my belief that every investor's approach is colored by their experience. From nearly blowing up his firm's omnibus account at his first job, experiencing the tech wreck first hand, and going all in on the commodity and emerging market super cycle narrative, it took "three frying pans to the face" – his words, not mine – to finally rebuild his...